MORNINGSTAR, INC. MORN Cash Flow

Morningstar, inc. (MORN)

CashFlow / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Operating activities
Consolidated net income
142,700	152,000	166,800	174,600	174,300	183,000	179,500	156,500	160,800	136,900	168,300	164,600	150,300	161,000	128,000	131,300	131,700	132,800	127,100	123,700	81,800	78,300	77,991	79,325	120,125	123,400	125,038	120,640	117,424	107,962	103,051	97,385	95,988	98,314	93,896	97,309	88,739	86,457	0	0	0
Adjustments to reconcile consolidated net income to net cash flows from operating activities:
Depreciation and amortization
128,400	117,700	109,500	99,600	97,300	96,700	97,600	94,700	92,600	91,200	83,500	79,800	75,600	70,700	68,600	66,900	65,900	64,400	62,400	60,500	57,600	54,900	52,142	48,899	46,761	45,700	45,338	44,903	44,260	43,096	42,817	42,942	42,886	42,913	43,294	42,244	40,927	39,664	0	0	0
Deferred income taxes
4,700	6,000	10,400	8,500	7,200	1,100	8,600	8,200	6,100	14,100	-8,600	-4,600	-4,600	-4,700	-2,700	-1,400	-2,300	-2,900	-5,700	-6,900	-3,700	-3,000	4,185	3,662	466	1,100	-3,509	-5,979	-4,835	-6,316	2,385	4,591	5,212	4,436	-421	347	1,753	-211	0	0	0
Stock-based compensation expense
41,700	44,400	41,100	37,600	35,100	31,700	31,500	29,700	25,400	24,100	20,400	17,700	15,800	14,500	14,500	16,300	17,100	17,400	17,800	18,200	18,000	17,600	17,147	15,563	15,117	15,000	18,464	19,042	18,822	18,905	15,454	15,411	15,520	15,303	14,899	14,693	14,505	13,793	0	0	0
Provision for bad debt
3,300	2,300	500	1,900	2,200	2,500	3,600	2,400	2,600	2,300	1,900	2,100	2,000	1,300	600	300	0	500	800	1,200	1,100	500	370	39	325	800	756	760	666	1,016	1,151	1,424	1,477	1,237	1,236	587	536	413	0	0	0
Income (Loss) from Equity Method Investments
-200	-900	-2,400	-1,000	-2,100	-2,100	-1,900	-2,200	-2,000	-1,300	-1,900	-1,500	-1,500	-200	1,000	1,100	1,800	1,800	100	-100	-100	0	1,628	1,643	1,503	1,400	1,658	1,821	1,958	2,027	1,992	1,942	2,040	1,848	1,643	1,548	1,407	1,422	0	0	0
Gain on sale of a product line
-	-	-	-	-	10,500	10,500	10,500	10,500	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefits from stock-option exercises and vesting of restricted stock units
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	4,707	3,958	4,913	5,900	6,296	6,504	5,484	7,210	6,911	7,902	8,716	9,525	10,243	9,473	8,581	7,507	0	0	0
Other, net
-6,900	-1,100	-2,200	800	200	2,500	4,400	1,000	-2,300	-1,800	-1,300	1,800	6,100	6,800	5,800	4,300	2,000	1,100	1,400	-100	-100	700	1,612	3,288	1,368	1,800	188	-85	800	-142	673	-1,884	-1,414	-592	-793	-749	-190	90	0	0	0
Changes in operating assets and liabilities:
Accounts receivable
-11,000	-11,300	-30,100	9,000	21,800	29,600	30,000	22,600	15,000	1,200	13,500	-2,200	-11,700	100	2,800	-2,900	6,100	6,900	4,300	15,400	17,700	25,900	12,951	21,424	12,494	1,600	11,804	12,206	15,591	17,124	10,024	8,869	7,940	3,858	16,801	16,420	22,142	23,652	0	0	0
Other assets
-	-	-	-	-	-	-	-	-	-	500	-100	300	-1,100	-400	3,300	4,000	-700	3,100	5,500	2,500	5,300	2,713	-1,365	-975	2,300	-887	-398	2,594	-223	2,819	1,520	2,483	-2,728	-2,163	1,222	408	2,341	0	0	0
Deferred commissions
-	-	-	-	-	-	-	0	-21,600	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable and accrued liabilities
5,300	3,200	-4,900	2,400	2,500	6,000	10,900	1,700	-1,600	700	3,000	-100	3,500	3,400	-500	4,300	4,700	4,700	500	-61,200	-4,300	-2,000	751	59,362	2,900	-1,200	2,338	1,159	870	1,173	-3,862	1,091	-1,518	-4,821	-8,059	-8,878	-4,533	-759	0	0	0
Accrued compensation and deferred commissions
4,900	17,100	15,100	29,700	33,100	15,600	12,400	-17,200	-19,400	20,200	12,200	11,100	6,700	-8,800	-6,500	-3,200	2,200	7,000	8,800	10,100	10,500	19,500	15,004	14,081	7,612	3,200	3,586	-1,522	-5,505	-8,861	-7,433	-2,216	1,884	10,176	11,194	8,792	7,806	12,166	0	0	0
Income taxes, current
-19,400	-11,600	-4,900	1,000	-12,600	-12,400	-5,600	3,200	11,800	9,700	-3,700	-4,100	9,000	1,000	-4,100	-5,800	-5,200	10,100	19,300	30,200	9,000	2,300	3,095	-9,093	9,513	16,800	8,780	7,963	5,913	-1,205	8,529	12,534	12,823	10,751	13,702	11,566	6,185	4,569	0	0	0
Deferred revenue
26,300	28,100	28,600	27,000	33,400	28,600	17,300	22,600	13,500	2,500	8,800	11,800	9,500	6,700	1,600	5,100	12,500	10,600	10,900	8,600	5,500	-1,700	-1,804	1,477	-3,869	3,700	6,089	6,459	11,373	7,769	16,644	13,714	13,896	9,578	8,308	6,772	5,169	5,752	0	0	0
Deferred rent
-	-	-	-	-	-	-	-	-	-	-1,300	-2,700	-2,600	-2,900	-3,000	-1,800	-1,200	-300	0	0	0	-	-	-1,628	-1,539	-1,500	-1,157	-933	-770	407	245	95	85	-1,030	-62	787	1,357	1,364	0	0	0
Other assets and liabilities
-	-	-	-	-	-	-	-	-	-	-1,100	900	4,700	4,800	3,400	2,300	700	500	0	-200	-700	-1,300	-1,721	-2,063	-1,649	-1,500	-1,000	-1,193	-1,262	-1,432	-816	-831	-1,810	-1,098	-647	-757	296	-638	0	0	0
Other assets and liabilities
3,000	6,600	-600	-2,400	-2,900	-10,300	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash provided by operating activities
324,100	334,400	357,200	331,300	313,900	314,800	294,900	277,600	263,500	250,100	235,200	233,100	248,800	213,700	196,100	211,300	217,900	241,500	249,900	182,900	159,700	136,600	129,787	168,265	171,927	186,700	185,893	176,342	167,045	145,996	150,976	158,609	156,254	164,976	149,422	139,542	123,312	123,416	0	0	0
Investing activities
Purchases of investment securities
40,600	36,200	40,100	38,300	36,800	35,700	35,900	35,200	33,500	34,900	30,300	30,200	32,000	32,000	30,800	38,700	38,400	34,700	38,100	26,700	24,200	20,400	36,876	65,501	138,106	140,100	124,386	93,902	62,389	145,491	219,334	318,522	402,725	383,281	357,116	299,402	202,671	186,283	0	0	0
Proceeds from maturities and sales of investment securities
40,900	35,800	56,700	55,200	52,400	51,200	43,900	45,700	44,200	42,200	27,600	25,200	24,100	28,600	26,800	25,100	34,300	30,000	33,300	36,600	43,800	111,600	165,701	170,572	183,748	171,200	152,566	194,922	240,918	260,317	291,707	309,119	316,148	297,956	260,331	234,908	189,354	214,929	0	0	0
Capital expenditures
76,400	80,000	78,000	77,500	77,200	76,100	75,400	68,900	69,900	66,600	61,700	66,700	63,600	62,800	64,900	59,100	56,400	57,300	55,400	55,100	51,900	58,300	48,450	45,519	45,282	33,600	35,113	30,998	30,163	30,039	31,509	32,826	27,279	23,322	21,759	19,350	18,158	14,771	0	0	0
Acquisitions, net of cash acquired
0	-	-	-	0	-	-	-	-	-	-	-	-	191,600	23,500	26,900	13,600	11,100	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	102,324	0	0	0
Proceeds from sale of a product line
-	-	-	-	-	10,500	10,500	10,500	10,500	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of equity- and cost-method investments
900	1,500	8,300	8,400	8,400	7,400	1,000	24,700	24,700	24,800	24,400	400	3,600	16,500	22,600	22,600	19,300	6,200	0	0	0	-	-	-	-	-	-	-	-	10,304	12,754	9,200	9,200	2,450	0	0	0	-	-	-	-
Other, net
500	100	200	400	-400	-100	300	-300	-100	-600	-700	-400	-600	-100	-6,300	-5,000	100	200	6,400	5,000	0	-300	-268	-264	192	-500	-411	-411	-858	25	849	755	-53	-30	0	0	0	-	-	-	-
Cash used for investing activities
-746,300	-746,300	-727,200	-61,900	-62,100	-49,900	-50,300	-72,300	-50,600	-60,800	-241,200	-224,800	-263,600	-274,200	-108,700	-117,200	-93,500	-79,500	-70,000	-50,200	-96,700	-31,200	16,216	-6,407	-12,732	-14,900	-13,661	61,536	151,404	80,192	27,261	-52,453	-122,703	-110,767	-131,326	-117,748	-132,575	-87,949	0	0	0
Financing activities
Common shares repurchased
20,000	4,900	15,000	15,000	16,900	20,900	11,800	24,500	50,300	42,300	51,300	38,600	10,900	48,800	105,700	108,100	133,500	97,000	64,700	67,700	57,300	76,700	132,806	136,263	159,960	153,500	130,909	200,311	244,020	251,813	195,844	146,002	63,705	40,672	0	0	0	-	-	-	-
Dividends paid
48,800	47,800	46,600	45,200	43,900	42,600	41,600	40,900	40,000	39,300	39,000	38,600	38,300	37,900	36,900	35,800	34,800	33,700	32,900	32,100	31,300	30,500	28,643	26,811	25,000	17,400	22,277	21,372	20,475	25,487	17,369	15,034	12,559	10,041	0	0	0	-	-	-	-
Proceeds from long-term debt
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from short-term debt
-	-	-	-	-	-	-	-	-	-	-	-	-	40,000	75,000	75,000	75,000	50,000	15,000	45,000	45,000	30,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of long-term debt
163,400	165,600	152,800	110,000	120,000	110,000	115,000	105,000	85,000	70,000	45,000	20,000	15,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from stock-option exercises
0	-	-	-	0	-	-	-	-	-	-	-	-	400	600	1,100	2,500	3,900	6,500	7,700	7,100	6,600	5,128	3,790	3,712	4,500	5,521	7,437	7,283	9,101	12,988	12,688	11,851	12,866	10,643	10,222	10,647	9,220	0	0	0
Employee taxes paid from withholding of restricted stock units
21,300	15,200	14,600	13,900	13,800	13,300	12,900	10,700	8,900	4,800	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	5,800	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefits from stock-option exercises and vesting of restricted stock units
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	4,707	3,958	4,913	5,900	6,296	6,504	5,484	7,210	6,911	7,902	8,716	9,525	10,243	9,473	8,581	7,507	0	0	0
Other, net
-4,300	-3,000	-1,400	-2,000	-900	-2,100	-2,000	-1,600	-1,600	-1,300	-400	-300	-200	0	-200	-200	100	-100	400	400	200	300	-46	-50	-197	-100	69	75	119	105	235	84	87	-110	-251	-836	-946	-417	0	0	0
Cash used for financing activities
407,500	373,700	379,700	-186,000	-195,400	-188,800	-183,200	-182,700	-185,600	-157,500	50,500	73,700	105,600	123,700	-87,300	-108,100	-142,400	-127,500	-129,200	-64,300	-41,600	-76,100	-127,284	-161,019	-182,250	-166,400	-146,876	-213,423	-255,983	-265,176	-201,235	-148,219	-59,774	-32,596	-19,215	9,954	12,003	12,525	0	0	0
Effect of exchange rate changes on cash and cash equivalents
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net decrease in cash and cash equivalents
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Effect of exchange rate changes on cash and cash equivalents
-	-	-	-	-	-15,000	-8,700	-1,100	17,900	17,300	6,400	1,200	-10,200	-11,200	-4,400	-9,200	-1,400	-12,600	-16,300	-19,100	-21,400	-12,300	-6,389	5,640	2,752	-1,100	-578	-2,144	-2,922	2,440	909	-5,461	-1,803	-1,352	-483	8,898	5,281	1,688	0	0	0
Net (decrease) increase in cash and cash equivalents
-	-	-	-	-	61,100	52,700	21,500	45,200	49,100	50,900	83,200	80,600	52,000	-4,300	-23,200	-19,400	21,900	34,400	49,300	0	17,000	12,330	6,479	-20,303	4,300	24,778	22,311	59,544	-36,548	-22,089	-47,524	-28,026	20,261	-1,602	40,646	8,021	49,680	0	0	0
Supplemental disclosure of cash flow information:
Cash paid for income taxes
66,700	63,300	57,600	52,300	65,600	67,000	64,900	56,200	47,800	47,100	52,200	56,400	43,900	58,000	66,100	66,100	65,800	50,100	35,700	25,000	24,100	30,400	34,700	45,789	48,573	40,400	41,892	40,461	42,429	47,355	42,780	38,355	36,645	38,054	36,467	32,332	36,021	37,624	0	0	0
Cash paid for interest
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for interest
-	-	-	-	-	-	-	0	5,000	-	4,200	3,200	2,200	1,200	900	600	500	400	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Supplemental information of non-cash investing and financing activities:
Unrealized gain (loss) on available-for-sale investments
-3,200	3,900	-100	500	200	-2,700	-1,700	-1,300	-700	2,000	3,200	3,500	2,200	1,200	1,700	-1,900	-1,400	-2,000	-2,300	-400	-400	-400	-2,275	-418	-1,202	-300	1,177	1,535	1,327	1,723	3,339	-1,094	-591	-1,480	-2,275	1,555	957	394	0	0	0
Software and equipment obtained under long-term financing arrangement
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,300	1,300	1,300	1,300	0	40	40	40	4,900	9,411	9,411	9,411	4,551	0	0	0	-	-	-	-	-	-	-	-